CHWY
Chewy (NYSE: CHWY) got a 15% boost in premarket trading on Monday, all thanks to a new SEC filing revealing that the well-known stock influencer Keith Gill, famously dubbed "Roaring Kitty", has acquired a 6.6% stake in the e-commerce pet product giant. This SEC filing came just days after "Roaring Kitty" posted a rather cryptic puppy photo on X, giving Chewy’s stock a near one-year high spike last Thursday.
According to the SEC documentation, Gill now owns 9 million Chewy shares, a stake worth approximately $245 million based on Friday’s closing price of $27.24.
This sizable chunk positions Gill as Chewy’s third-largest shareholder according to data from LSEG. Meanwhile, one of Chewy's competitors, Petco Health and Wellness Company, saw its shares take a 4% dip, reversing earlier gains in response to this news.
Throughout 2024, Chewy’s stock has seen a 15% uptick, although the prior three years were not as kind due to a slowdown in pet-related spending following a post-pandemic surge. Despite consumer spending on discretionary goods declining, Chewy's sales have managed to remain steady over the last few quarters. Central to Chewy’s strategy is the "pet humanization" trend, which sees pet owners treating their furry companions as family members, thus spending more on their care.
